323.071
Advance payment of installments of special assessment - cancellation of installments - use of money.

The taxing authority of any political subdivision which levies
any special assessment or reassessment payable in installments over a period of
more than one year may by resolution authorize its fiscal officer to accept
payment in cash of all of the installments of such assessments or reassessments
charged against any lot or parcel of land and not due at the time such
resolution is adopted. Such taxing authority may waive the payment of interest
included in such installments, except that if such installments are pledged to
the payment of outstanding bonds or notes, interest upon such installments must
be collected at the rate borne by such bonds or notes up to the time when an
amount of such bonds or notes, not less than the amount of such installments,
can be paid, redeemed, or purchased according to their terms or by agreement
with their holders.

If such installments have been certified to the county auditor
for collection, the fiscal officer of the subdivision shall, upon the payment
of such installments, certify the fact of payment to said auditor, who shall
thereupon cancel such installments upon his records.

If any bonds or notes issued in anticipation of the levy or
collection of such installments are outstanding, the money derived from such
payments shall be used only for the payment, redemption, or purchase of, and
the payment of interest on, such bonds or notes, and if the subdivision has no
such bonds or notes outstanding, such money shall be used for the payment of
any other funded debt of the subdivision. If the subdivision has no funded
debt, such money shall be credited to its general fund and used for the
purposes thereof.

Any assessment in the amount of twenty-five dollars or less, or
any unpaid balance of twenty-five dollars or less, shall be paid in full, and
not in installments, at the time the first or next installment would otherwise
become due and payable.